Brasília – The Gross Domestic Product (GDP) of Brazil’s agriculture sector is expected to grow more in 2020 than previously forecast . The estimate comes from the Institute of Applied Economic Research (IPEA), which revised its forecasts for the year.
The survey made public this Friday (21) reports that the sector is expected to climb by 3.4% to 4.15% in 2020, based on figures of the Brazilian Institute of Geography and Statistics (IBGE) and the National Supply Company (CONAB). IPEA’s previous estimate saw a 3.2%-3.7% growth.
IPEA reported that the hike means a strong acceleration of the sector’s activities compared to last year, when growth stood at 0.7%. According to the study, in both scenarios the result will be driven by the harvest, which is expected to grow over 3.9%, mainly due to a higher-than-expected growth of soy and coffee production.
Translated by Guilherme Miranda
